| 1 |
I Owe You is a written instrument drawn by |
- A. Trader
- B. Debtor
- C. Creditor
- D. All the above
|
| 2 |
IOU is a document |
- A. Negotiable
- B. Non-negotiable
- C. Conditional negotiable
- D. Unconditional negotiable
|
| 3 |
What does the bank receive on issuing a letter of credit: |
- A. Profit
- B. Interest
- C. Commission
- D. Duty
|
| 4 |
Which letter of credit is accompanied by some documents |
- A. Confirmed
- B. Documentary
- C. Non-documentary
- D. All the above
|
| 5 |
Which letter of credit is automatically renewed by fulfilling certain conditions |
- A. Fixed
- B. Documentary
- C. Confirmed
- D. Revolving
|
| 6 |
If the exporter is not the receiver (beneficiary) of money then a letter of credit is called: |
- A. Resolving
- B. Back to Back
- C. Transferable
- D. None of the above
|
| 7 |
Which type of letter of credit authorized the exporter to obtain an advance before the shipment of goods |
- A. Documentary letter of credit
- B. Green-clause letter of credit
- C. Confirmed letter of credit
- D. Red-clause letter of credit
|
| 8 |
Which one can be crossed : |
- A. Money order
- B. Postal order
- C. Credit card
- D. All of the above
|
| 9 |
Which of the following is used to finance the people who want to travel abroad |
- A. Traveller's letter of credit
- B. Traveller's cheque
- C. Circular note
- D. All the above
|
| 10 |
Which of the following can be cancelled by the issuing bank without the consent of the other parties |
- A. Revocable letter of credit
- B. Irrevocable letter of credit
- C. Revolving letter of credit
- D. Unconditional letter of credit
|
